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The Central Government has notified that the provisions contained in Sections 10, 11, 12 and 13 of the Banking Laws (Amendment) Act, 2025 shall come into force with effect from 1st November 2025.

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The provisions now being brought into effect from 1st November 2025 through Sections 10, 11, 12 and 13 relate to nomination facilities in respect of deposit accounts, articles kept in safe custody, and the contents of safety lockers maintained with banks.

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1. Multiple Nominations: Customers may nominate up to four persons, either simultaneously or successively, thereby simplifying claim settlement for depositors and their nominees.

2. Nomination for Deposit Accounts: Depositors may opt for either simultaneous or successive nominations, as per their preference. 3. Nomin

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